The Cayman Islands, situated in the Western Caribbean Sea, are a British overseas territory consisting of three small islands. Its GDP is highly dependent on tourism and the financial sector. It is one of the world’s most well-known offshore financial centers, and is a leading captive healthcare insurance hub. The insurance industry is well established, and has a strong and attractive regulatory environment that facilitates development and growth. The Cayman Islands Monetary Authority (CIMA) is the regulator and supervisor of the industry. Insurers are classified according to their licensing requirements.
The report provides in-depth industry analysis, information and insights into the insurance industry in Cayman Islands, including:
- The Caymanian insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Caymanian insurance industry
- The current trends and drivers of the Caymanian insurance industry
- Challenges facing the Caymanian insurance industry
- Detailed regulatory framework of the Caymanian insurance industry
This report provides a comprehensive analysis of the insurance industry in the Cayman Islands:
- It provides historical values for the Caymanian insurance industry for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
- It offers a detailed analysis of the key segments and categories in the Caymanian insurance industry, along with forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Cayman Islands, and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast industry data related to the Caymanian insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Caymanian insurance industry.
- Assess the competitive dynamics in the Caymanian insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
- Gain insights into key regulations governing the Caymanian insurance industry and its impact on companies and the industry’s future.
- At end of 2012, there were a total of 768 insurance companies operating in the Cayman Islands; 741 were captive insurers and 27 were domestic insurers.
- The Caymanian insurance industry grew at a review-period (2009−2013) compound annual growth rate (CAGR) of 7.2%.
- Growth of insurance industry over the forecast period will be supported by infrastructure developments.
- CIMA revised the insurance law in 2010 to strengthen supervisory mechanisms and provide better opportunities for growth.
- The total number of insurance companies declined from 805 in 2008 to 768 in 2012. The decline is mainly due to growing competition and limited growth, especially for group captive insurance.
- The Cayman Islands are among the eight most dangerous places to live due to its exposure to natural disasters.
Spanning over 157 pages, “The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2018” report covering the Executive Summary, Introduction, Caymanian Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Economic Indicators, Appendix. The report covered 4 companies – Colina Insurance Ltd, Cayman First Insurance Company Ltd, BF&M General Insurance Group Ltd, Sagicor Life of the Cayman Islands Ltd
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